- Over USD 25 million investment
- Plans Underway to Expand Exports to Europe and the United States
CBL Group, one of Sri Lanka’s leading diversified food manufacturing conglomerates, today announced the strategic acquisition of PT Tri Jaya Tangguh Indonesia (TJT), a well-established and one of the largest coconut product manufacturing companies in Indonesia, founded in 2006, with an investment of over USD 25 million, supported by the International Finance Corporation (IFC), a member of the World Bank Group.
The acquisition forms part of CBL Group’s broader global expansion strategy, aimed at strengthening its presence in the fast-growing value-added coconut and coconut-based products segment, while building scale, resilience, and competitiveness across key export-oriented food categories.
“The global coconut category presents strong long-term growth potential. This acquisition is a strategic step in strengthening our international presence in this space, enhancing our ability to compete in global markets while contributing to export-led growth and value creation for Sri Lanka,” said Shea Wickramasingha, Group Managing Director of CBL Group.
The acquisition further strengthens CBL Group’s position in the rapidly growing global coconut and coconut-based products market, while expanding its manufacturing and sourcing footprint in Indonesia, one of the world’s largest coconut-producing countries.
Global demand for coconut-based products continues to rise, driven by growing consumer preference for plant-based, natural, and functional ingredients. The global coconut products market is projected to reach nearly USD 12 billion by 2030, presenting significant opportunities for value-added exporters. In Sri Lanka, coconut and coconut-based exports surpassed the USD 1 billion mark in 2025, highlighting the sector’s growing importance to the national economy.
Randeewa Malalasooriya, Director / Chief Executive Officer – CBL Natural Cluster & President Director – PT Tri Jaya Tangguh Indonesia, added: “Indonesia is a critical hub in the global coconut industry. Bringing TJT into the CBL Group allows us to significantly scale our processing and manufacturing capabilities, strengthen supply-chain resilience, and better serve international customers. With this investment, we are targeting a substantial increase in production capacity, alongside the expansion of exports to key international markets, including Europe and the United States. Importantly, we remain committed to prioritising the local workforce, with plans to progressively add employment opportunities over the coming years as the business grows.”
The acquisition is expected to enhance CBL Group’s end-to-end coconut value chain, supporting product innovation, expanded export capacity, and improved access to key international markets.